Texas County & District Retirement System, Austin, committed a total of $300 million to two new funds from two existing alternative investment managers, a transaction report for the $31.9 billion pension fund showed.
Investment officers made their second allocation this year from the fund's $2 billion direct lending portfolio with a $250 million commitment to Silver Point Specialty Credit Fund II, managed by Silver Point Capital.
Prior to the Silver Point Capital commitment, TCDRS committed $100 million to another direct lending fund as of Sept. 6.
By comparison, pension fund officials committed a total of $995 million to five direct lending funds in 2018, an investment report showed.
The pension fund's investment team continued its accelerated commitment pace, earmarking $50 million for the Baring Asia Private Equity Fund VII, managed by Baring Private Equity Asia, from the pension fund's $4.8 billion private equity/venture capital portfolio.
TCDRS committed a total of $1.4 billion to 22 funds run by 19 managers, including the recent Baring Asia commitment, through Sept. 6 so far this year.
In 2018, the pension fund committed a total of $1 billion to 19 private equity/venture capital funds managed by 14 firms, TCDRS transaction reports showed.